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. . ( c) In the consideration of making expenditures from the fund, the board shall be guided by the following criteria: (I) The first priority of the moneys available to the fund shall be devoted to projects which will enhance the natural and beneficial uses of Colorado's stream corridors and floodplains; (II) Approximately three-quarters of the moneys available to the fund shall be devoted to projects which will enhance and lor rehabilitate stream corridors and promote the natural and beneficial functions of stream corridors and floodplains; (III) The balance of the moneys available to the fund shall be devoted to provide for the operation and maintenance of said proj ects, (IV) The board's participation in the construction cost of a project shall be repaid and the board's costs in any feasibility studies shall be repaid to the board when construction on a project commences; (V) The board shall participate in only those projects which can repay the board's investment, Grants will be made as specifically authorized by the general assembly acting by bill, and service charges and other terms of repayment shall be established by the board; (VI) All other means of financing shall be thoroughly explored before use is made of fund moneys; (VII) For all feasibility studies, the board shall ensure that the scope ofthe study is confined as nearly as possible to an integrated multi-objective project; and (VIII) Any feasibility study of a proposed project shall include, to the extent deemed necessary by the board, an evaluation of : (A) The engineering and economic feasibility of a proposed project; (B) The anticipated economic, social, and environmental effects of a proposed project; and (C) The natural and beneficial functions of stream corridors and floodplains which will be enhanced, created or impacted by the proposed project (d) The board, in addition to the amount allocated to a project to cover the actual cost of construction, may allocate to the project constructed by it, under contract or otherwise, such amounts as may be determined by it for investigating, engineering, inspection, and other expenses and may provide for the repayment of the same out of the first moneys repayable from the project under the contract for its construction, and such moneys so repaid shall be accounted for within the purpose of making investigations for the rehabilitation of stream corridors of the state, (e) In carrying out such a program, the board may, enter into contracts for the use of, or to loan moneys to 1) enable the rehabilitation of watercourses throughout the state, 2) develop comprehensive rehabilitation or restoration plans for watercourses throughout the state, 3) deliver public information and technical training about stream rehabilitation and improved floodplain management, 4) promote wetland banking/accounting and replacement activities, and 5) develop a statewide flood